Now that you have all your W2s, 1099s, year-end statements, etc., it is time to see where you stand. Did you gain or lose?

Compare December 31, 2015 to December 31, 2016. Did you gain or lose? Did you keep up with inflation? The average is inflation rate is about 3%.If your returns were losing or flat, it is time to “spring clean.” Is the reason you have that investment still valid and keeping with your goals? The investment may have been a good idea years ago, but is it still in your best interest?

Not sure how to read your statements? I can help you understand what you have. Make an informed decision on what to keep and what to change. Call for a free consultation. 303-919-1020.

Kiplinger’s Personal FinanceKiplinger’s Money Power
With as little as $1,000 — or as much as $100,000 — your generosity can make a difference.WITH $1,000
Contribute to a Roth. If your grandchildren earn money, you can reward their hard work and seed their retirement by contributing to their Roth IRA or opening one for them. The contributions to each account may not exceed the amount they earned for the year, up to a maximum of $5,500 in 2017. They can withdraw the contributions tax- and penalty-free at any time, and after age 59 1/2, they can withdraw both the contributions and earnings tax- and penalty-free.WITH $10,000
Pay off student loans. By paying your grandchildren’s loans off after they graduate, you won’t affect their eligibility for financial aid. And even if the loans add up to much more than your gift, you can significantly reduce their monthly payment or enable them to pay off the debt much earlier. Say your grandson has $26,800 in loans (the average amount at graduation for borrowers at public schools), with a combined interest rate of 4.25 percent. If he paid off the loans over the standard 10-year repayment program, the monthly payment would be $275 a month, according to www.finaid.org. Reduce Retirement the amount by $10,000, and the monthly payment would be just $172 a month over 10 years. For the same $275 monthly payment on the smaller debt, your grandson could shave four years off his repayment period.WITH $100,000
Cover college from a tax-free fund. To really go grand, set up a 529 plan with your grandchild as a beneficiary and use it to fund his or her education. The money in 529 plans grows tax-deferred and escapes taxes altogether if the withdrawals are used for qualified educational expenses, such as room and board. (Otherwise, you’ll pay taxes and a 10-percent penalty on earnings.)
You and your spouse can each contribute up to $14,000 a year ($28,000 total) per child in 2017 without triggering the gift tax. But couples can also contribute as much as $140,000 (five times $28,000) at one time; contributing the money all at once removes it from your taxable estate. For tax purposes, you can elect to have it spread out in equal amounts over five years. You may be able to get a state income-tax deduction for a portion of your contribution, depending on your state (see www.savingforcollege.com). If your grandchild doesn’t go to college, you can switch beneficiaries, or use the money yourself, in which case you’ll pay the penalty and taxes on the earnings, and the money reverts to your estate.

Here’s What to Look For
Karen Damato from Money
Jan 05, 2017
If you will celebrate your 62nd birthday in 2017 or soon after, you’re in the vanguard of a big change in Social Security: Starting with people hitting that milestone in January, the full retirement age (FRA)—that is, when you can collect your entire earned benefit—will creep up from 66 to 67 in two-month increments over the next six years.
You’ll still be able to begin your Social Security payments as young as 62. And, like now, you’ll be assured of getting a larger check for each month you delay up to age 70. But here’s the rub when the FRA goes up: “At every age along the line you are receiving a smaller benefit” than you would have before, assuming the same work record, says Jim Blankenship, a financial planner and author in New Berlin, Ill.
Surprised? That’s not the only unexpected math you may encounter when you’re deciding when to claim Social Security, whether you should work longer, and whether you would benefit from a retirement job. To make the smartest decisions, here’s what you need to know about the tricky math of Social Security.
Waiting Until Age 70 to Claim Now Means a Smaller Bonus
From the perspective of a future retiree, the increase in the full retirement age is a benefit cut, as you can see below.

Notes: FRA is 66 for people born between 1943 and 1954 and then creeps up in two-month increments, reaching 67 for those born in 1960 or later. Sources: MONEY calculations using Social Security online tools
Say you want to start collecting at age 65. That is 12 months early if your FRA is 66, but 24 months early if your FRA is 67, meaning you take a bigger haircut. With an FRA of 66, you can get 75% of your full benefit if you begin at 62; with an FRA of 67, that portion drops to 70%. Similarly, if you claim at age 70, you’ll get 124% of your benefit when the FRA is 67, vs. 132% before.

about retirement income, stocks, Medicare, taxes, social security and annuities.
Know these myths early and include their information in your retirement income strategies.1-Are stocks or bonds good for retirees?
The old 60/40 rules is dead (subtract your age from 100. If you are 60, you should only have 40% of retirement savings in stocks and move the rest to stable funds.) Better is deciding what guaranteed income you need for your basic expenses. Most of my clients need all their retirement savings to make basic income and must be kept low risk/guaranteed income. After basic expenses are met, put the rest in higher risk investments such as stocks. Puttin money in CDs or bonds can be dangerous due to the risk of inflation/interest rates/businesses. Don’t forget the 2 major corrections of the last decade!
2-Medicare will take care of all your medical needs!
True that Medicare starts at age 65 (earlier if you have a disability). Basic Medicare has a lot of loop holes, copays, and out of pocket. Supplements and Advantage plans fill in some of the holes. Don’t get mired in the maze of advertising you receive. I represent many companies and can help you find the best options for you.
3- Taxes will be lower in retirement.
As a retiree, you may have to make quarterly estimates rather than have withholding. Remember that you may have lost deductions for your mortgage interest (house is paid off), children are gone, etc. You need to start taking the required minimum distribution from your traditional IRA, dividends, bonds, etc. And taxes have been at a low and are slowly rising. What will happen during the next administration? We can only guess that rates will go up or down to take care of the deficit.4-Social Security is all we need!
Social Security was never designed to cover all your expenses. For most it covers about 40% of your retirement income and you need to create the rest. It is not a hand out. We all contributed to SS as we worked and now come the benefits.5-All annuities are bad!
While there are different avenues you might explore to reach your savings goal, annuities are often overlooked because they’re somewhat complex by nature. But while annuities aren’t right for everyone, they do offer some key benefits — namely, the ability to grow your money on a tax-deferred basis and generate a guaranteed, life time income steam once you’re older plus long term care like benefits. You can’t outlive our income! Perhaps the greatest benefit of annuities is the ability to take a large sum of money, invest it for the future, and avoid paying taxes along the way. I represent several companies and different kinds of annuities. I can find the best option for you!

2/3, 2/20, 2/17, 2/24 5 – 8pm Clyfford Still Museum
Clyfford Still Museum, 1250 Bannock St, Denver 80204
In appreciation of the citizens who support the Scientific and Cultural Facilities District (SCFD), and in the spirit of community engagement, the Clyfford Still Museum offers free admission on select days throughout the year. Free every Friday from 5 to 8 p.m. (excluding April 22, 2016)

2/3 First Friday Art Walks
First Friday Art Walk – Opening Reception for Why Not Niwot? 2016
5:00pm-8:30pm
Niwot, CO
Join us for our First Friday Art Walk, kicking off the People’s Choice voting for Why Not Niwot? 2016
Voting begins on the 6th and continues through May 30th
Why Not Niwot? is an art exhibition celebrating the uniqueness of Niwot
See more at: http://niwot.com/events/first-friday-art-walk-2#sthash.BfydYKs8.dpuf
Art District on Santa Fe – Artify Your Brain. See, taste and feel the energy that is Denver’s Art District on Santa Fe
Belmar Block 7 Art District – Block 7 will feature four artist–owned working studios, a photographic school and a gallery showcasing a wide range of artwork by local artists. (Located in the Belmar City Center in Lakewood.)
Golden Triangle Museum District – Meet the artists, see new exhibitions, shop for local art and get inspired at the galleries open on First Friday. The neighborhood is also home to the Denver Art Museum, Clyfford Still Museum, Kirkland Museum, Denver Firefighters Museum and the Byers–Evans House Museum with Plein Air art on display.
Navajo Street Art District – Stroll the district tucked away in the Lower Highlands area of Denver, home to amazing galleries, great performance art and ample parking. Join us for Day of the Dead celebrations. It’s truly one of the best little Art Districts in town to experience art!
Old South Gaylord & South Pearl – Take time to visit these two neighborhoods south of downtown Denver; both are home to many artist’s studios and galleries, along with one–of–a–kind shops and restaurants.

2/7 4- 8pm Children’s Museum of Denver at Marsico Campus
Children’s Museum of Denver at Marsico Campus, 2121 Children’s Museum Dr, Denver 80211
First Tuesday night of every month from 4-8 pm Target is committed to giving back to the communities where their guests and team members live and work. Through their generous sponsorship of the Children’s Museum of Denver at Marsico Campus, families can play for FREE the first Tuesday of each month from 4 – 8 pm.

2/10 12 noon – 4pm Four Mile Historic Park
715 S Forest St Denver 80246
Take a tour of the Four Mile House Museum, check out historic demonstrations, explore our 12-acre grounds, sample a treat from our summer kitchen, and greet our farm animals. Admission is free thanks to the support provided by your Scientific & Cultural Facilities District. Tours are at 12:30, 1:30, and 2:30pm and are first come, first served. We’ll be offering our Hay Bales & Tall Tales story time from 12:00-1:00 pm.

2/10 – 2/12 5 – 10pm Loveland Fire and Ice Festival
Loveland Visitors Center, 4th Street and Garfield Avenue, Loveland 80537
It’s time to experience how the Nation’s Sweetheart City, celebrates Valentine’s Day. Join us Feb. 10-12 in Loveland, Colorado for the Loveland Fire and Ice Festival – the largest Valentine’s Day celebration in the nation – where fire, ice, entertainment and fun collide. The heart of downtown comes alive for three full days and nights of fun featuring an explosive fireworks show with music and lights, ice sculpting, fire performances and more. The magic of Valentine’s Day is in Loveland.
Festival attendees can expect to enjoy:
• Live, free music and performances throughout the event
• Nightly fireworks
• Ice sculpting competition: come watch and meet nationally renowned ice sculpting teams. Once complete, see the ice masterpieces lit up with colorful, festive lights.
• The Family Fair – a mini carnival with a carousel, games and more
• Our Heroes Vehicle Showcase featuring a collection of vintage firetrucks and first responder vehicles
• Romantic carriage rides
• The Marketplace – a place to experience artisan businesses and shop local
• A Food Truck Food Court – a place to refuel and recharge with a unique variety food options
• Brewing and Distilling Arts – featuring local brewers and distillers such as: Crow Hop, Grimm Brothers Brewhouse, Loveland Aleworks, Big Beaver Brewing Company and more. Loveland’s Fire & Ice Festival was inspired by Disneyland’s Main Street USA light and fireworks show as well as Montréal En Lumière and is unlike any other Valentine’s Day event you will experience. Presented by Visit Loveland and Blazen Illuminations, LLC, this event is free and open to the public.

2/11 Denver Firefighters Museum – Burn Awareness
Denver Firefighters Museum, 1326 Tremont Pl, Denver 802042/11 9 – 11am Winter Community Hike Event Details
Apex Field House , 5724 Oak Street, Arvada, CO
Join Arvada community volunteer Mark McGoff for these hikes on Arvada trails. Each hike is approximately four miles. Start time is 9 a.m. and end time is approximately 11 a.m. Dress for the weather, bring some water, and enjoy the friendship of fellow hikers. Because of group size, these hikes are not suited for dogs. Saturday, February 11, 2017. Depart from Apex Field House (5724 Oak Street). We will hike west to Van Bibber Creek Open Space Park and return via the same route. We will go through Lutz Sports Complex, Stenger Sports Complex, and Skyline Park. For each hike you are invited to bring a food item for donation to Arvada Community Food Bank

2/12 12noon – 3pm 2017 Evergreen Lake Plunge
The Evergreen Lake Plunge, which was postponed from its original New Year’s Day date due to poor ice conditions, has been rescheduled for Saturday, Feb. 12, 2017.
At high noon on Feb. 12 at Evergreen Lake, people will jump into the inviting waters of Evergreen Lake for a winter plunge to benefit several local charities, including Evergreen Park & Rec District’s Special Needs Programs and Drive Smart. Several local personalities also plan to plunge into the icy waters.
The event is a partnership with Drive Smart, Evergreen Fire/Rescue and the Jeffco Sheriff’s Office. A 10-by-10-foot hole will be cut in the ice and equipped with a platform, ladder and Evergreen Fire Rescue water personnel to ensure everyone’s safety.
Registration is $35 in advance and $45 at the door. Sign up online at drive-smart.org!
Too chicken to plunge but want to support someone who isn’t? You can sponsor that friend, boss or enemy and watch those wild, wooly characters jump in! Make a donation to an Evergreen Lake Plunger.
http://drive-smart.org!

2/12 Lincoln’s Birthday

2/12 12noon – 3:30pm Boulder Chorale Chamber Singers Go to the Library
Canyon Theater and Gallery, 9th Street and Canyon Boulevard, Canyon Blvd, Boulder 80302,
Join the Boulder Chorale Chamber Singers on a trip through worlds and time as we explore music from the Medieval and Baroque eras through the modern music of Meredith Monk and Paul McCartney. http://boulderchorale.org/boulder-chamber-chorale-goes-to-the-library/

2/12 3 – 5pm An Animal’s Carnival: A Family Program of the Aurora Symphony Orchestra
12095 E. Montview Blvd. Aurora 80010
Introduce your children to the joy of music with our traditional Children’s Concerts, featuring a program entitled “An Animal’s Carnival” with fun and exciting music related to animals. Designed as a first-time concert experience, the Aurora Symphony Children’s and Family Concerts give to our little audience members 45 minutes of music, stories and great entertainment, including instrument petting-zoo, face painting, balloon animals and exciting special guests!
This musical adventure is designed for youngsters and grown-ups alike, bringing musical concepts to life through the magic of the orchestral sounds.
http://www.aurorasymphony.org

2/14 Valentines Day

2/14 11am – 2pm Valentine’s at the Mansion
Highlands Ranch Mansion, 9950 E. Gateway Dr. Highlands Ranch 80126
Treat yourself to a little fun this Valentine’s Day at the beautiful Highlands Ranch Mansion. Guests can enjoy music, dancing, complimentary coffee, tea, sweet treats and tours of the historic home. Bring your sweetheart, come with a group of friends or bring your kids and treat yourself to a morning of fun. All ages are welcome. Feel free to stay a little or awhile at this annual Valentine’s event.

2/17 10am – 2pm Colorado Springs Fine Arts Center
30 W. Dale St. Colorado Springs
Museum Free Days are just that, an opportunity for the public to enjoy our galleries free of charge. Museum Free Days are offered the third Friday of each month with artist demonstrations from 10a to 2p in the Smith Family Gallery.
2/18 9:30am A Look at the Hillbilly Culture from the Inside Out
Lakewood Meridian, 10695 W. 17th Ave. Lakewood 80215
Hillbilly Elegy: A Memoir of a Family and Culture in Crisis by J.D. Vance will be the February read of the month for the Jeffco League of Women Voters nonfiction book club. Vance writes, “Poverty is the family tradition,” and then includes the reader in a compassionate, discerning analysis of the white underclass. Loyalty and love, violence, verbal abuse and instability are different sides of this culture.

2/20 Presidents Day

2/20 Washington’s Birthday

2/20 National Parks
All national parks are free on Presidents Day

2/20 Denver Botanic Gardens
1007 York Street, Denver 80206

2/22 7pm After Hours – 60 Minutes in Space
Denver Museum of Nature & Science, 2001 Colorado Blvd. Denver 80205
Go “behind the stories” in space science, using the best images and animation available, to help understand new developments. Seating is limited to first come, first served. Please use the Evening entrance on the west side of the Museum.
http://www.dmns.org/learn/adults/after-hours/60-minutes-in-space-february-22/

2/25 10 – 11:30am Social Security and Income Planning
1st Bank of Belmar, 550 S Wadsworth Blvd Lakewood CO, 80226
NEW SOCIAL SECURITY LAW- what’s changed with spousal benefits?
Critical questions to ask the Social Security Office at your appointment
Avoid the most common filing mistakes
Increase lifetime benefits by tens of thousands of dollars
Strategies to reduce Social Security taxes
How to maximize ex, current and deceased spousal benefits
Retirement income sources: pros and cons
How to make retirement income last
Income planning strategies for today’s volatile market
Q and A opportunity with Social Security expert
RSVP 720-287-5880

2/25 11am – 1pm Black American West Museum
Black American West Museum 3091 California St., Denver
How does the BAWM & HC stay relevant and contributes to the success of the African American community locally and regionally

2/25 Saturday, February 25, 2017 Winterfest
Meyer Ranch Open Space, Conifer
Snowtubing Competition / Snowman Carving Competition / Beer Crawl
Registration opens at 10:00a. Please park at Aspen Park Village and take the Harmony Hills shuttle van to the park. Event parking is not available onsite. Awards Ceremony will be at 12:30p at Aspen Park Village featuring our Mt. Lugo Luge traveling trophy and medals for 1st, 2nd & 3rd place of Fastest, Best Aerial Dismount & Best Costume (awards will be given for both family & team competitions).
Our annual Craft Brew Crawl sponsored by Marketing Type Guys Type Guys is back! What is a crawl brew crawl? Join your favorite local craft breweries for a unique beer tasting hosted inside participating businesses in the Aspen Park Village on Saturday, February 25th from noon to 4p. Beer tasting is $15 and includes a souvenir glass. Vote on your favorite for Conifer’s Favorite Craft Beer. Enjoy food, live music, snowman carving games and more!

2/28 10am 2017 Burton US Open Snowboarding ChampionshipVail Cascade 1300 Westhaven Dr., Vail
The 2017 Burton US Open Snowboarding Championships return to Vail Mountain February 28 – March 4, 2017 bringing with them the best snowboarders in the world competing to win the most prestigious Halfpipe and Slopestyle titles in snowboarding.

10am – 8pm Audio Tour of Denver
Take an audio tour right on your smartphone to learn about the history and architecture of Denver. Developed by AARP Colorado, the audio tour takes users on 20 points of interest, including The Molly Brown House, Governor’s Mansion, Capitol Hill and Denver Art Museum.
To access the tour, download the free Geotourist app on the Apple iTunes and Google Play app stores. The GPS-led app will guide you from site-to-site and play each site’s audio automatically upon arrival. You will be able to take the tour at your own pace and time, in any order.

How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
Period of Limitations that apply to income tax returns
1-Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
2-Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3-Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4-Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
5-Keep records indefinitely if you do not file a return.
6-Keep records indefinitely if you file a fraudulent return.
7-Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Are the records connected to property?
Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.
If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property.
What should I do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.

New Years Eve “Skate the Lake” is cancelled due to warm weather creating thin ice.

1/1Happy New Year!
May 2017 bring you peace, joy and prosperity!

1/3 4- 8pm Children’s Museum of Denver at Marsico Campus
Children’s Museum of Denver at Marsico Campus, 2121 Children’s Museum Dr, Denver 80211
First Tuesday night of every month from 4-8 pm Target is committed to giving back to the communities where their guests and team members live and work. Through their generous sponsorship of the Children’s Museum of Denver at Marsico Campus, families can play for FREE the first Tuesday of each month from 4 – 8 pm.

1/6, 1/13, 1/20, 1/27 5 – 8pm Clyfford Still Museum
Clyfford Still Museum, 1250 Bannock St, Denver 80204
In appreciation of the citizens who support the Scientific and Cultural Facilities District (SCFD), and in the spirit of community engagement, the Clyfford Still Museum offers free admission on select days throughout the year. Free every Friday from 5 to 8 p.m. (excluding April 22, 2016)

1/6FirstFriday Art Walks
First Friday Art Walk – Opening Reception for Why Not Niwot? 2016
5:00pm-8:30pm
Niwot, CO
Join us for our First Friday Art Walk, kicking off the People’s Choice voting for Why Not Niwot? 2016
Voting begins on the 6th and continues through May 30th
Why Not Niwot? is an art exhibition celebrating the uniqueness of Niwot
See more at: http://niwot.com/events/first-friday-art-walk-2#sthash.BfydYKs8.dpuf
Art District on Santa Fe – Artify Your Brain. See, taste and feel the energy that is Denver’s Art District on Santa Fe
Belmar Block 7 Art District – Block 7 will feature four artist–owned working studios, a photographic school and a gallery showcasing a wide range of artwork by local artists. (Located in the Belmar City Center in Lakewood.)
Golden Triangle Museum District – Meet the artists, see new exhibitions, shop for local art and get inspired at the galleries open on First Friday. The neighborhood is also home to the Denver Art Museum, Clyfford Still Museum, Kirkland Museum, Denver Firefighters Museum and the Byers–Evans House Museum with Plein Air art on display.
Navajo Street Art District – Stroll the district tucked away in the Lower Highlands area of Denver, home to amazing galleries, great performance art and ample parking. Join us for Day of the Dead celebrations. It’s truly one of the best little Art Districts in town to experience art!
Old South Gaylord & South Pearl – Take time to visit these two neighborhoods south of downtown Denver; both are home to many artist’s studios and galleries, along with one–of–a–kind shops and restaurants.

1/13 12 noon – 4pm Four Mile Historic Park
715 S Forest St Denver 80246
Take a tour of the Four Mile House Museum, check out historic demonstrations, explore our 12-acre grounds, sample a treat from our summer kitchen, and greet our farm animals. Admission is free thanks to the support provided by your Scientific & Cultural Facilities District. Tours are at 12:30, 1:30, and 2:30pm and are first come, first served. We’ll be offering our Hay Bales & Tall Tales story time from 12:00-1:00 pm.

1/14 10 – 11:30am Social Security and Income Planning
FUEL Financial, 1st Bank of Belmar, 550 S Wadsworth Blvd Lakewood CO, 80226
NEW SOCIAL SECURITY LAW- what’s changed with spousal benefits?
Critical questions to ask the Social Security Office at your appointment
Avoid the most common filing mistakes
Increase lifetime benefits by tens of thousands of dollars
Strategies to reduce Social Security taxes
How to maximize ex, current and deceased spousal benefits
Retirement income sources: pros and cons
How to make retirement income last
Income planning strategies for today’s volatile market
Q and A opportunity with Social Security expert
RSVP 720-287-5880

1/28 9 – 10:30am Winter Wings
Standley Lake Regional Park
Not everyone flies south for the winter! Identify the birds that live their life on the edge during their busiest time of day.Winter is a great time to learn to identify birds since there are fewer of them that and discover that watching birds can be a lot fun and a lifelong pursuit! Bring your binoculars and field guides (we will have a limited number of binoculars and field guides). Dress appropriately for the changing weather. Registration required.
For further information please contact Sully Tun Ake 3036582790

I believe in helping people, but I also believe in work and taking care of yourself. Remember, socialism only works as long as the rich have money!

A guy looked at my Corvette the other day and said I wonder how many people could have been fed for the money that sports car cost.
I replied I am not sure, it fed a lot of families in Bowling Green, Kentucky who built it, it fed the people who make the tires, it fed the people who made the components that went into it, it fed the people in the copper mine who mined the copper for the wires, it fed people in Decatur IL. at Caterpillar who make the trucks that haul the copper ore. It fed the trucking people who hauled it from the plant to the dealer and fed the people working at the dealership and their families. BUT,… I have to admit, I guess I really don’t know how many people it fed.
That is the difference between capitalism and welfare mentality. When you buy something, you put money in people’s pockets, and give them dignity for their skills.
When you give someone something for nothing, you rob them of their dignity and self worth.

Capitalism is freely giving your money in exchange for something of value.

Socialism is taking your money against your will and shoving something down your throat that you never asked for….

Retirement funds can’t stay in your account forever. When is it time to pull the money out?
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You’ve spent years saving for retirement, but you can’t keep those funds in your account indefinitely. Generally, once you’re 70½ years old, you need to start pulling money out in what’s called required minimum distributions, or RMDs.
And it’s not quite as simple as taking a little cash out and calling it a day. If you don’t take out enough, you’ll be penalized by the IRS. Here’s what you need to know to take your distributions wisely.
What is an RMD?
It’s “the mandated amount that must be taken from qualified retirement accounts, such as IRAs, starting in the calendar year that the owner turns 70½,” says Mark Snyder, ChFC, of Mark J. Snyder Financial Services in Medford, N.Y.
Who needs to take them?
Anyone who is older than 70½ with an IRA, SIMPLE IRA, SEP IRA, or retirement plan account like a 401(k).
Why do these requirements exist?
So that retirement accounts, most of which are fueled with pretax dollars, aren’t used as a tax dodge. RMDs “ensure that people don’t just accumulate retirement assets to defer taxes and leave it to their heirs,” says Snyder. That’s why Roth IRAs are exempt from lifetime RMDs: They are filled with post-tax money, and no money needs to be taken out until the owner dies.
How much do I need to take?
That depends on the value of your accounts and your age. You can use the IRS Uniform Lifetime Table to do that calculation. “If your spouse is more than 10 years younger, you would use the Joint Life Expectancy Table, which could lower your RMD,” says Snyder. These tables and a worksheet are available at IRS.gov.
What about taxes?
If you used pretax money to fund your retirement account, this is the time that the government gets their bite. “RMDs are considered to be ordinary income and are taxed accordingly,” says Snyder.
Are there exceptions?
Yes. “In the calendar year you turn 70½, you can defer your RMD until April 1 of the following year,” says Snyder. “But you will need to take a second RMD in that year.”
If you are 70½ and still working and contributing to a 401(k) plan, you don’t have to take an RMD until you retire. Also, since Roth IRAs are funded with post-tax money, withdrawals aren’t required until the death of the owner.
What happens if I don’t take an RMD?
If you don’t take what the IRS tells you is required, the amount not withdrawn will be taxed at 50 percent.